Russian government officials failed to reach a consensus on Tuesday (Feb 15) on how to regulate cryptocurrencies, sources He said Bloomberg.
This is despite a request from President Vladimir Putin for them to come to a compromise.
Elvira Nabiullina, the Governor of the Russian Central Bank, Finance Minister Anton Siluanov and deputy prime minister Dmitri Grigorenko they could not come any closer to an agreement that would end the impasse.
Instead, the trio plans to formalize their disagreements, the unnamed sources said.
In January, Putin called for swift action to regulate crypto assets. The finance minister and the central bank were expected to publish a bill on Friday (Feb 18). However, little progress has been made.
Last month, the central bank Likening digital currencies to a pyramid scheme, he has called for an outright ban on cryptocurrencies.
See also: The Central Bank of Russia proposes to ban cryptocurrencies
The bank said that financial institutions should be blocked from trading in crypto and called for a ban on crypto exchanges. The bank noted that Russians are active crypto users, transacting around $5 billion per year.
The move was seen as the latest effort in a global campaign against cryptocurrencies, as many governments express concern that digital currencies disrupt their financial systems.
“The best solution is to ban cryptocurrency mining in Russia,” the bank said.
But the ministry’s position contrasts with that of Russia’s central bank. Siluanov has argued that banks can provide cryptocurrency exchange services, while other types of businesses can obtain licenses. Unlicensed companies offering crypto services would be subject to criminal prosecution.
read more: Russian Finance Minister Considers Legalizing Cryptocurrency Trading Through Banks
If Siluanov’s position is adopted, owners of Russian digital currencies will be able to transact through Russian banks and pay taxes as per government regulations.
Today, although Russia recognizes crypto assets, the digital currency cannot be used as payment. The government has estimated that Russians hold about 2 trillion rubles ($26 billion) worth of crypto.
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